Sable Offshore Corp. $SOC Shares Sold by Corsair Capital Management L.P.

Key Points

• Corsair Capital Management L.P. reduced its stake in Sable Offshore Corp. by 75%, now holding 10,000 shares valued at $254,000 after selling 30,000 shares in the first quarter.
• Several other institutional investors have recently acquired positions in Sable Offshore, including CenterBook Partners LP with a new investment of approximately $1.5 million.
• Sable Offshore owns 16 federal leases in California, primarily engaging in oil and gas exploration and development, with a current stock price around $28.13.

Corsair Capital Management L.P. trimmed its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 75.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,000 shares of the company's stock after selling 30,000 shares during the quarter. Corsair Capital Management L.P.'s holdings in Sable Offshore were worth $254,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new position in Sable Offshore during the first quarter worth about $29,000. Quantbot Technologies LP acquired a new position in Sable Offshore during the first quarter worth about $48,000. US Bancorp DE grew its position in Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after buying an additional 1,258 shares during the period. PNC Financial Services Group Inc. grew its position in Sable Offshore by 3,686.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock worth $112,000 after buying an additional 4,313 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in Sable Offshore by 917.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company's stock worth $148,000 after buying an additional 5,814 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the sale, the insider owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 36.36% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on SOC shares. Benchmark upped their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. BWS Financial restated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.33.

Sable Offshore Stock Down 0.2%

Shares of SOC stock traded down $0.06 during trading hours on Wednesday, hitting $23.03. The company's stock had a trading volume of 3,143,347 shares, compared to its average volume of 2,121,870. Sable Offshore Corp. has a twelve month low of $16.26 and a twelve month high of $35.00. The business has a fifty day moving average of $26.75 and a 200-day moving average of $25.14.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). Equities analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Sable Offshore Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.